Notes to Financial Statements
1.GENERAL INFORMATION
CPC Corporation, Taiwan (the “Corporation” or CPC) was established on June 1, 1946 and engages mainly in oil and
gas exploration, refining, procurement, transport, storage and marketing.
The functional currency of the Corporation is the New Taiwan dollar.
2.APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the board of directors and authorized for issue on April 11, 2014.
3.APPLICATION OF NEW AND REVISED STANDARDS, AMENDMENTS AND
INTERPRETATIONS
a.New, amended and revised standards and interpretations (the “New IFRSs”) in issue but not yet effective
The Corporation have not applied the following International Financial Reporting Standards (IFRS), International
Accounting Standards (IAS), Interpretations of IFRS (IFRIC), and Interpretations of IAS (SIC) issued by the IASB.
On January 28, 2014, the Financial Supervisory Commission (FSC) announced the framework for the adoption of
updated IFRSs version in the ROC. Under this framework, starting January 1, 2015, the previous version of IFRSs
endorsed by the FSC (the 2010 IFRSs version) currently applied by companies with shares listed on the Taiwan
Stock Exchange or traded on the Taiwan GreTai Securities Market or Emerging Stock Market will be replaced by
the updated IFRSs without IFRS 9 (the 2013 IFRSs version). However, as of the date that the financial statements
were authorized for issue, the FSC has not endorsed the following new, amended and revised standards and
interpretations issued by the IASB (the “New IFRSs”) included in the 2013 IFRSs version. Furthermore, the FSC has
not announced the effective date for the following New IFRSs that are not included in the 2013 IFRSs version.
The New IFRSs Included in the 2013 IFRSs
Version Not Yet Endorsed by the FSC
Effective Date Announced
by IASB (Note 1)
Improvements to IFRSs (2009) - amendment to IAS 39
January 1, 2009 and January 1, 2010, as
appropriate
Amendment to IAS 39 “Embedded Derivatives”
Effective for annual periods ending on or
after June 30, 2009
Improvements to IFRSs (2010)
July 1, 2010 and January 1, 2011, as
appropriate
Annual Improvements to IFRSs 2009-2011 Cycle
January 1, 2013
Amendment to IFRS 1 “Limited Exemption from Comparative
IFRS 7 Disclosures for First-time Adopters”
July 1, 2010
(Continued)
│
39
│
Financial Statements
